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Anglo chief admits ILP deal was unusual

John Bowe told investigators that Anglo Irish Bank would have collapsed without emergency funding in September 2008SAM BOAL/ROLLINGNEWS

A former Anglo Irish Bank executive told gardai that he had only a peripheral awareness of a billion euro deal with Irish Life and Permanent in September 2008, a court has heard.

Four former executives from the two banks are on trial at Dublin circuit criminal court for allegedly conspiring to mislead investors by setting up a €7.2 billion circular transaction scheme to bolster Anglo’s balance sheet.

The jury also heard a claim that Anglo would have collapsed in September 2008 if it had not received emergency funding from the Central Bank before it opened for business the next day.